Four premium condos purchased in a prime location
A Chinese buyer has acquired four luxury condo units at 3 Orchard By-The-Park, a freehold development on Orchard Boulevard, for a total of S$60 million, reports Lianhe Zaobao. The transaction, confirmed by PropNex’s Senior Associate Division Director, Clarence Foo, occurred on September 9.
The four units, all considered larger-sized, were priced at approximately S$12 million each for three of them, while the fourth was valued at S$20 million. The price per square foot for these ready-to-move-in properties is between S$3,600 and S$3,700. These fully furnished units are show flats, allowing immediate occupancy.
The 77-unit condominium, designed by Italian architect Antonio Citterio, still has around 10 unsold units. This bulk purchase follows a previous high-profile deal in which a Chinese national bought 20 units at CanningHill Piers for over S$85 million, as well as another at Le Nouvel Ardmore for approximately S$22.3 million.
Singapore remains a popular choice for wealthy Chinese nationals looking to safeguard their assets, particularly amidst China’s wealth crackdown. The country’s stable economy, strong rule of law, and safe environment, combined with its Mandarin-speaking population and relaxed Covid-19 regulations, make it an attractive destination for investment.
According to Foo, despite the additional stamp duty, many high-net-worth buyers still view Singapore’s property market as a safe investment with potential for long-term value appreciation. This surge in demand for luxury real estate is expected to drive up property prices, with the Urban Redevelopment Authority reporting a 3.5% increase in private residential property prices in Q2 2022.
